Trump: If Powell misleads Congress, he should "resign immediately."

ChainCatcher news, according to U.S. President Trump during a cabinet meeting on Tuesday, if the allegations that Federal Reserve Chairman Powell misled Congress regarding the Fed headquarters renovation project are true, the Fed chairman should "immediately resign."

Trump reiterated his criticism of Powell, calling him "terrible," and told reporters that deceiving Congress would constitute grounds for immediate departure. "Then he should resign immediately," Trump said, "We need to replace him with someone who will cut rates." Trump continued to attack Powell's stance on keeping interest rates unchanged, stating last month that he would choose a successor who supports rate cuts.

Previously, media reports revealed issues with skyrocketing costs and luxurious configurations in the Fed headquarters renovation project. Powell recently refuted the related reports during a Senate hearing, stating that they were "misleading and inaccurate in many respects."